The U.S. Department of Agriculture said the corn crop would be smaller than previously predicted, but that caught traders off guard Wednesday. In a monthly report, the USDA said corn inventories in the summer of 2014 would stand at 1.94 billion bushels, a 3 percent drop from last month's forecast. The price of corn went down anyway, the opposite direction of where supply and demand fundamentals would predict. With less supply, the prices should be expected to go up. But the price dropped, because traders expected the USDA to announce a stockpile decline on the order of 12 percent. Traders were positioned for a report that was expected to say there would be far less corn available next year. But the USDA's estimate was more conservative than expected. The USDA now expects the 2013 harvest to yield 14 billion bushels, down from last month's 14.1 billion prediction due to continued cool temperatures and wet fields, which are keeping farmers from putting seeds in the ground. Corn requires a long growing season compared with many crops, so it is to a farmer's advantage to put seeds in the ground as soon the soil warms up to the point where it is safe to do so. On the Chicago Board of Trade Wednesday, July delivery corn dropped 9 ¼ cents to $6.50 ¼ per bushel. Soybeans were also lower, off ¾ cent to $15.39 ¾. Wheat lost 13 ¾ to $6.83.
GMT 11:02 2018 Tuesday ,11 December
ASE opens trading on lower noteGMT 15:40 2018 Monday ,10 December
Amman stock market closes trading at JD4.4 millionGMT 19:10 2018 Wednesday ,05 December
Index at Palestine stock market drops by less than one pointGMT 17:58 2018 Sunday ,25 November
Amman stock market wraps up trading at JD2.6 millionGMT 14:24 2018 Thursday ,22 November
Russia’s stock market demonstrates record-breaking figures in 2018GMT 11:45 2018 Tuesday ,20 November
Tokyo stocks close lower as tech issues weigh, Nissan tumblesGMT 15:08 2018 Monday ,19 November
Amman stock market wraps up trading at JD6.1 millionGMT 15:51 2018 Sunday ,18 November
U.S. stocks post weekly losses amid tech shares routMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor